6. The production function at Weedy's Grainery is Q = L¹4K¹/². If Weedy increases the scale of his operation from 16 units of labor and 1 unit of capital to 81 units of labor and 4 units of capital, how much does output expand? Does the firm exhibit increasing, decreasing or constant returns to scale? a. Output increases from Q=4 to Q= 36. The firm exhibits increasing returns to scale. b. Output increases from Q=4 to Q= 36. The firm exhibits diminishing returns to scale. c. Output increases from Q=2 to Q= 6. This firm exhibits increasing returns to scale. d. Output increases from Q=2 to Q= 6. This firm exhibits diminishing returns to scale.

K Suppose that a firm's production function is q=5x in the short run, where there are fixed costs of $1,000, and x is the variable input whose cost is $625 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing ya level of output q is A. C(q)= 1,000. OB. OC. OD. OE C(q)= 1,000+ C(q)= 1,000+ C(q) = 1,000+ 625q² C(q)= 25 q² 25 625q² 25 0.5 q B Dollars per unit of output 2000- 1800- 1600- 1400- 1200- 1000- 800- 600 400- 200- a 12 14 10 Quantity nchack 18 (1) Incorrect

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Refer to the figure on the right. Suppose the output of a large aluminum firm drops from 2 million pounds to 0.5 million pounds per year. The long-run average cost of producing aluminum will go from $ to $. (Enter your responses rounded to the nearest penny.) Cost per pound $2.80 2.10 1.60 b 0.50 1.00 1.50 2.00 2.50 Million of pounds of Aluminum per year LA